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Libertyville Divorce Lawyer, Lake County

Libertyville Divorce Lawyer, Lake County

Former Assistant Attorney General

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Asset Protection With a Prenup

August 27, 2021 by Law Offices of Ronald L. Bell

Today, many young people delay marriage until they have launched a career or started a business, and, not all that surprisingly, some are asking for asset protection with a prenuptial agreement prior to tying the knot to ensure they are financially protected in the event of a divorce.    

Although planning for divorce before you are married may seem to be in poor taste, a premarital agreement really protects both spouse’s in the event of a divorce. Because both spouses know what to expect if they decide to separate sometime in the future, a prenup can alleviate friction in a marriage and help couples avoid costly legal disputes in the future.

Prenuptials are important if:

  • Either spouse has debt and one or both wishes to specify that the other will be responsible for the debt in the event of a divorce
  • One spouse is a higher earning spouse or has more assets and the lower earning spouse wants assurance that spousal maintenance will be paid if the marriage fails  
  • If either spouse has children from a previous marriage, they may wish to ensure that younger or college age children are provided for after a divorce or that they receive certain heirlooms and inheritances
  • If either spouse owns a small business, a prenuptial (or postnuptial) agreement is crucial to protect the business

Keep in mind that the decision to enter into a prenuptial agreement must be voluntary; when a spouse asks the other to sign a prenuptial, they may not pressure, manipulate, or deceive the other spouse. All parties to the agreement must be transparent in their financial disclosure, listing all assets and debt to avoid invalidating a prenup. The end result must be fair to both spouses; any lopsided agreements that are clearly disadvantageous to one spouse may be thrown out by the court.

If you are planning to marry and have questions regarding asset protection with a prenup or are starting a business after marriage and want to know more about how a postnuptial agreement can protect you, contact the Libertyville law offices of Ronald L. Bell & Associates PC at 847-495-6000.

Category iconPostnuptial Agreements,  Prenuptial Agreements Tag iconIllinois prenuptial agreement,  remarriage and prenuptial agreements

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Ronald L. Bell & Associates P.C

Divorce Attorney

1113 S. Milwaukee Ave. Suite 204
Libertyville, IL 60048
Phone:  847-495-6000
Emergency Phone:  847-702-7502
Fax: 847-495-6001

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Ronald L. Bell & Associates P.C. represents clients in Libertyville and throughout Northern Illinois, in areas including Chicago, Naperville, Vernon Hills, Gurnee, Barrington, Buffalo Grove, Deerfield, Fox Lake, Grayslake, Highland Park, Bannockburn, Lake Bluff, Lake Forest, Lake Villa, Lake Zurich, Lincolnshire, Lindenhurst, Mundelein, Waukegan, Zion, Crystal Lake, River Woods, Deer Park, Round Lake, Palatine, Rolling Meadows, Inverness, Prospect Heights, Arlington Heights, Schaumburg, Lake County, Cook County, McHenry County, Dupage County and Kane County.

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